SEC maintains highest audit mark

THE Securities and Exchange Commission (SEC) has received an “unmodified opinion” from the Commission on Audit (CoA) for the fourth consecutive year. An unqualified or unmodified opinion is given when auditors imply that they were satisfied with the financial statements audited because they met the requirements demanded by the regulations and were prepared in accordance with accounting principles, criteria and standards.

In an independent auditor’s report dated May 31, state auditor Concepcion Reyes rendered an “unmodified opinion,” on the fairness of the presentation of the Commission’s 2021 financial statements.

“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the SEC as at Dec. 31, 2021, and its financial performance, changes in net assets/equity, cash flows, comparison of budget and actual amounts for the year then ended, and notes to financial statements, in accordance with the International Public Sector Accounting Standards,” the report read.

The SEC also received an unqualified opinion on the fairness of presentation of its financial statements during 2018, 2019 and 2020, making this the longest streak of unqualified opinions the Commission has received over the past decade.

“We take pride in the four-year streak of unqualified opinions we have obtained from CoA, which serves as a concrete proof of our adherence to transparency, accountability and good governance,” SEC Chairman Emilio Aquino said.

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Meanwhile, the audit was conducted in accordance with the International Standards of Supreme Audit Institutions, and in order to ascertain the level of assurance that may be placed on the management’s assertion on the financial statements, determine the propriety of transactions, recommend improvement opportunities and the extent of the implementation of prior years’ audit recommendations.


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